$ 35 3 $ 50 $ 55 4 $ 50 $ 65 a. Complete this table and use it to find this firm's short- runprofit- maximizing quantity of output. How much profit will this firm earnif b. Redo the table and find the profit- maximizing quantity of output if the price of the firm's fixed input rose from $ 3 to $ 10. How much profit will this firm earn now? c. Now redo the original table and find the profit- maximizing quantity of output, if the price of the firm's variable input rose so that MC increased by $ 20 at each level of output. How much profit will this firm earn in this case? 5. In a perfectly competitive, indeasing cost industry, is the long- run supply curve always flatter than the short- run market supply curve? Explain. 7. A student says, " My economics professor must be confused. First he tells us that in perfect competition, the demand curve is completely flat- horizontal. But then he draws a supply and demand diagram that has a downward sloping demand curve. What's upwith that?" Resolve this student's problem in a single sentence 9. Assume that the firm shown in the following table produces output using 1 fied input and 1 variable input a. Complete this table and use it to find this firm's short- run profit- maximizing quantity of output. How much profit will this firm earn? Output Price Total Marginal | Total Marginal Revenue Revenue Cost Cost $3,500 $1,000 $4,000 1 $3,500 $3,000 2 $3,500 $2,000 3 $3,500 $1,000 4 $3,500 $3,000 5 $3,500 $4,000 $3,500 $9,000 7 $3,500 $36,000 $3,500